Quarterly Profits of Subsidiary of China Energy Savings Reach
$6.15 Million
HONG KONG, April 5 /Xinhua-PRNewswire/ -- China Energy Savings Technology,
Inc., (OTC Bulletin Board: CESV) today announced the preliminary 2nd Quarter
revenue figures (unaudited) of its wholly owned subsidiary, Starway Management
Limited ("Starway") for the quarter ended March 31, 2005 are $11.1 million.
Net Income reached $6.15 million which showed an increase of 21.4% when
compared to the same quarter in 2004, and compared to the last quarter which
is increased 10.3%.
Current shareholder equity is approximately $50 million. This is an
increase of 278% since the end of 2003. The significant increase in the
company's net assets is due to the substantial increase in net income over the
past several quarters.
Mr. Sun Li, CEO of China Energy Savings, said, "We continue to set the
pace in China when it comes to energy savings. Our patented products are the
very best available. The company's rapid increase continues at a brisk pace,
as is evidenced by our revenue figures, and our profit margins remain
impressive."
About China Energy Savings Technology
The company is engaged in the manufacturing and sales of advanced
technology energy-saving products in the PRC. According to the test reports
by various PRC authorities including National Center of Supervision &
Inspection on Electric Light Source Quality (Shanghai) issued in September
2002 and Shenzhen Academy of Metrology & Quality Inspection issued in December
2002, the energy saving products of Shenzhen Dicken Group have the energy
saving rates ranging from approximately 25% to 45%. The energy saving
projects conducted by Starway Group mostly relate to public or street lighting
systems, government administration units, shopping malls, supermarkets,
restaurants, factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops and small
arcades through the sale of equipment, and the large-scaled projects relate to
large shopping malls, supermarkets, factories and public bodies through the
provision and installation of equipment over a term usually extended for
years.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press
release may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve risks and
uncertainties that may cause actual results to differ materially, including
the following: changes in economic conditions; general competitive factors;
the Company's ability to execute its business model and strategic plans; and
the risks described from time to time in the Company's SEC filings.
For more information, please contact:
John Roskelley, President,
First Global Media
Tel: +1-480-902-3110
CESV Website: http://www.cesv-inc.com
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